News

16th June, 2006

TDS: Due date for e-filing extended

The Finance Ministry has extended the due date for electronic filing of quarterly statement of tax deducted at source (TDS) from `salaries' for the quarter ended Match 31, 2006 to July 31. The income-tax rules specify June 15 as the due date for filing the quarterly statement (in form 24Q) of TDS from salaries for the last quarter (January-Mar) of a financial year. Although the due date for electronic filing has been extended to July 31, the revenue department has said that the due date for filing such statement in paper format remains at June 15. The Government has already introduced a system of quarterly statement of TDS for taxes deducted on or after April 1, 2005. With the introduction of quarterly statements, the Government has done away with the requirement of furnishing of annual return of TDS for taxes deducted after April 1, 2005.